Response times have been very informative for the understanding of mental processes, for many years. The most useful analyses of response times have been those based on cognitive theories of decision making, known as evidence accumulation models. We review the history of decision‐making models, and the empirical phenomena that have guided their development. We focus particularly on the common elements of the models, as they represent theoretical agreement about the most fundamental elements of decision‐making theory. We also review the practical usage of evidence accumulation models as data‐analysis tools, with a discussion of the strengths and weaknesses of this popular approach. While popular, model‐based analysis of response time data can be challenging, and so we review developments that make those analyses easier, and also discuss common approaches to the most common problems in plotting, parameter estimation, and model selection.